Page 3 - Mahindra Group

IT major Tech Mahindra announces appointment of Richard Lobo as CHRO

Lobo replaces Harshvardhan Soin, who takes over the role of president- Asia Pacific & Japan effective January 3

Automobile major M&M gets Rs 4.12 crore tax penalty; company to challenge

Mahindra & Mahindra on Friday said it has been imposed a penalty of Rs 4.12 crore over input tax credit claim and education cess credit balance carry forward from pre-GST regime to GST regime in relation to its two-wheeler business. In a regulatory filing, Mahindra & Mahindra said it has received an order from the office of the Deputy Commissioner, State Tax, Audit Wing, Indore-01, Madhya Pradesh imposing a penalty amounting to Rs 4,11,50,120 to the two-wheeler business of Mahindra Two Wheelers Ltd (MTWL), which was demerged from MTWL and has since been merged with the company. One of the reasons for imposing the penalty is that the "invoices basis which Input Tax Credit (ITC) has been claimed by MTWL are not reported by vendors in GST returns and thus are not appearing in auto populated GSTR-2A". Also, another reason is that the "carry forward of Education Cess credit balance (is) not allowed from pre-GST regime to GST regime". Based on its assessment, M&M said "an appeal

Mahindra & Mahindra gets Rs 56 lakh tax penalty, company to challenge

Mahindra & Mahindra Ltd on Thursday said it has been imposed a penalty of over Rs 56 lakh for wrongly carrying forward input service distributor credit available in pre-GST into GST regime with regards to its two-wheeler business. The company has received an order from the office of the Assistant Commissioner, Division-IV, CGST & Central Excise, Ahmedabad South imposing a penalty amounting to Rs 56,04,246 in relation to the two-wheeler business of Mahindra Two Wheelers Ltd (MTWL), which was demerged from MTWL and has since been merged with M&M, Mahindra & Mahindra said in a regulatory filing. "The order has been passed on the basis that closing balance of Input Service Distributor (ISD) credit available in pre-GST regime was wrongly carried forward into GST regime," it added. The company further said based on its assessment, an appeal will be filed and it is "hopeful of a favourable outcome at the appellate level and does not reasonably expect the said order to have ...

Few shares of Keshub, Sudha Mahindra in PMSL transferred to family members

The transmission disclosed herein involves a change in the shareholding/voting rights of PMSL as a result of the transmission of certain shares of PMSL, and does not pertain to shares of M&M directly

Mahindra Logistics to sell its entire 39.79% stake in associate firm TLPL

Mahindra Logistics on Wednesday announced the sale of entire 39.79 per cent stake in its associate company Transtech Logistics Pvt Ltd (TLPL). Post completion of this sale, TLPL would cease to be an associate of the company. "The company...at its meeting held today....entered into a share purchase agreement with Transtech Logistics Pvt Ltd... for sale/transfer of the 39.79 per cent stake held by the company in TLPL i.e., 100 equity shares of Rs 10 each and 65,988 compulsorily convertible preference shares of Rs 50 each, for a consideration of Rs 1,32,176," Mahindra Logistics said in a filing to BSE. Revenue from operations of TLPL for the financial year ended March 31, 2023 was Rs 3.26 crore. "The 39.79 per cent stake held by the company in TLPL...are transferred to Amarnath Kalale ('Buyer'), who is one of the promoters of TLPL. The buyer does not belong to the company's promoter/promoter group/ group companies," the filing said. Mahindra Logistics Ltd is an integrated third-party

Ontario Teachers' to acquire 30% stake in Mahindra Susten for Rs 2,371 cr

The companies will also establish an Infrastructure Investment Trust (InvIT) comprising renewable power assets of Mahindra Susten with an operation capacity of 1.54 GWp

Mahindra and Mahindra, others to invest Rs 875 crore in two-wheeler unit

The 'Scorpio' car manufacturer, will invest 5.25 billion and the remaining will come from existing shareholders and new investors, Mahindra said in an exchange filing

M&M November sales: Total sales up 21% to 70,576 units, SUV sales shine

Exports for November 2023 were down 42% year-on-year. Year-to-date exports until November 2023 also dropped 17%, reaching 17,986, compared to 21,633 units exported during the same period in FY23

Anand Mahindra prays for rescue of 41 trapped workers in Uttarkashi tunnel

The MC Group Chairman requested NDRF personnel for a rapid rescue. The labourers were trapped inside after a landslide on Diwali. The tunnel is a part of the centre's Char Dham project

Upcoming Mahindra XUV.e8 leaked ahead of official launch; details inside

The e-SUV is probably going to stir things up around town at the starting cost of Rs 35 lakh (ex-showroom). In any case, the carmaker is yet to confirm the details concerning about the same

Iron Mountain appoints Arvind Subramanian as executive VP, MD India

Iron Mountain has appointed Arvind Subramanian as Executive Vice President and Managing Director, India. Iron Mountain, which is listed on NYSE, is a global leader in innovative storage, data centre infrastructure, asset lifecycle management and information management services. Earlier, Subramanian was Managing Director (MD) and Chief Executive Officer (CEO) of Mahindra Group's real estate arm, Mahindra Lifespace Developers Ltd. In February, the Mahindra Lifespace board approved the resignation of Subramanian as MD and CEO and as a director of the company with effect from May 22. He has also held a senior leadership role at Boston Consulting Group. Iron Mountain, in a statement on Thursday, said "Arvind Subramanian has joined the company on September 20th, 2023 as Executive Vice President and Managing Director, India." Arvind will report to CEO William Meaney and will be responsible for Iron Mountain's commercial and operational activities across the company's storage, digital ..

Classic Legends to invest Rs 1,000 cr in 3 years to increase production

Mahindra group Chairman Anand Mahindra said the bikes belonged to the 'classic retro' segment, which had a growing customer base

'Very, very proud': Anand Mahindra on Araku coffee gifted to G20 leaders

Araku coffee was founded as an effort of the Andhra Pradesh government to help the underprivileged tribal farmers from the scenic Araku Valley

M&M offering discount of up to Rs 1.25 lakh on XUV400, Bolero, XUV300

However, there are no discounts on Mahindra's more famous cars, such as Thar, Scorpio N, and XUV700

India's G20 presidency giving voice to many nations: Mahindra Gr CEO Shah

India's inclusive G20 presidency is giving a voice to several nations and the country is uniquely positioned to bridge the divide between many countries in the world, according to Mahindra Group Managing Director & CEO Anish Shah. The power of India's G20 presidency is reflected in a series of comprehensive actions taken that will create solutions that can be taken across the world but going forward, the multi-nation forum will need to tackle global issues such as debt restructuring of countries in debt, high inflation and agreement on timelines for climate mitigation measures, he said. The theme of India's G20 presidency -- One Earth, One family, One Future -- encompasses all the challenges that the world is facing today, which are multiple, complex and interconnected challenges, Shah said. "India's G20 presidency is inclusive. It's giving a voice to many countries that may not have had a voice before. In some cases, with the Global South, a wide span of countries ranging from .

Mahindra Lifespace rallies 9%; hits record high on strong growth outlook

The new CEO Amit Sinha has outlined ambitious business growth of 5x over the next 5 years from around Rs 2,268 crore of residential and IC business sales to Rs 8,000-10,000 crore by FY28.

Mahindra launches 7 lightweight 4WD OJA tractors, beginning at Rs 5.64 lakh

The tractors were developed in collaboration with Mitsubishi at an investment amounting to Rs 1,200 crore

Ex-Infy exec Atul Soneja joins Tech Mahindra as chief operating officer

Tech Mahindra on Monday appointed Atul Soneja as the chief operating officer, the company said. The country's fifth-biggest IT services company in terms of revenues did not have a COO in the past. The appointment is effective from Monday. The appointment follows disappointing quarterly numbers for the April-June period, which saw a 38 per cent decline in net profit. Soneja, who joined Tech Mahindra from CitiusTech, has also been associated with the country's second-biggest IT company Infosys, where Tech Mahindra's Chief Executive Officer (CEO) and Managing Director-designate Mohit Joshi had also worked. His rich experience and vast knowledge of the industry, combined with his relentless dedication to automation, make him an ideal candidate to lead our operations, Mahindra Group's current Managing Director and Chief Executive Officer C P Gurnani said. Joshi said Soneja's appointment will help drive growth and enhance capabilities. At Infosys and its subsidiaries, Soneja managed ..

India in pole-vaulting distance to oust China as world's factory: Mahindra

Mahindra suggested that doubts surrounding China's ambitions and disruptions to supply chains in the wake of Covid-19 have also worked in India's favor

Mahindra Finance Q1FY24 results: Net profit rises 58% to Rs 353 crore

The revenue from operations was up 25 per cent to Rs 3,125.4 crore during the quarter